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Bessent: The United States will not "rescue" Bitcoin and has no authority to direct private banks to buy Bitcoin or TRUMP coins
Deep Tide TechFlow News, February 5th, according to Cointelegraph, U.S. Treasury Secretary Scott Bessent stated during a congressional testimony on Wednesday that the U.S. will retain Bitcoin obtained through asset confiscation but will not instruct private banks to buy more Bitcoin during market downturns.
In a confrontation with California Congressman Brad Sherman, Bessent clearly stated that, as Treasury Secretary and Chair of the Financial Stability Oversight Council (FSOC), he does not have the authority to instruct private banks to buy more Bitcoin or “TRUMP coins” by changing reserve requirements.
Bessent added that the value of Bitcoin seized and held by the U.S. government has increased to over $15 billion. According to an executive order signed by Trump in March 2025, the U.S. can only acquire more Bitcoin through asset confiscation cases or budget-neutral strategies, rather than through open market operations.